Over the weekend of Jan 11 to 12, One Bernam, the mixed-use development with 351 residential units in Tanjong Pagar, offered 87 units for sale at promotional prices.
The 99-year leasehold apartment tower by joint developers MCC Land and Hao Yuan Investment was first launched in May 2021. Based on caveats lodged as at Jan 10, over 75% of the units were sold at an average price of $2,585 psf.
The weekend promotion prices applied across all the remaining 87 units, from one-bedroom to three-bedroom, as well as penthouses.
One-bedroom units ranging from 441 sq ft to 463 sq ft saw price discounts of $323,000 to $438,000.
Meanwhile, the two-bedroom apartments of 700 sq ft to 732 sq ft had price discounts from $437,000 to $668,000. The two-bedroom plus study apartments of 807 sq ft to 872 sq ft saw price discounts ranging from $380,000 to $800,000, while three-bedroom apartments of 1,421 sq ft had discounts ranging from $616,000 to $830,000.
One of the showflats at One Bernam. The project is scheduled for completion in March 2026 (Photo: MCC Land)
According to Marcus Chu, CEO of ERA Singapore, the sales performance highlights “the strong interest in the property as a stable and high-potential asset”.
Chu adds that about 78% of the purchasers bought their units as investments. Additionally, 87% of the buyers for One Bernam were Singaporeans, with 70% aged between 31 and 50.
Following the “overwhelming response” over the weekend, only three penthouses are currently available for sale, bringing total sales to 99%. It includes two units of three-bedroom penthouses with sizes of 1,744 sq ft and 1,948 sq ft, while the remaining unit is 4,306 sq ft in size and comprises five bedrooms.
The three-bedroom penthouses had discounts ranging from $1.441 million to $1.553 million, resulting in a final price of $5.765 million ($3,306 psf) and $6.212 million ($3,188 psf), respectively. Meanwhile, the five-bedroom penthouse had a final price of $14.132 million ($3,282 psf) after a $3.532 million discount.
As the project is scheduled to obtain a Temporary Occupation Permit (TOP) in March 2026, investors are expected to start generating rental income, which could support their loan instalments, Chu reckons.
Existing condos in the area, Altez, 76 Shenton and EON Shenton, are fetching monthly rents in the range of $6.90 psf to $7.40 psf (Source: EdgeProp Landlens)
Based on EdgeProp Landlens data, average monthly rents of existing apartment projects in the area, such as Altez, Eon Shenton and 76 Shenton, command rental rates ranging from $6.90 psf to $7.40 psf.
Looking ahead, Chu says the reduced competition from foreign buyers due to the hike in Additional Buyer’s Stamp Duty (ABSD) imposed in 2023 has opened up more opportunities for local buyers to enter the market.
“Local demand is expected to continue being the key driver for Central Core Region (CCR) properties moving forward, with competitive pricing making these developments a desirable and stable investment choice,” adds Chu.
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